Industry News of the Day for February 16, 2023

By iDEA | February 16, 2023

Industry News

  • SBC Americas: Commercial Gaming Surpasses $60bn In Annual Revenue
    • The American Gaming Association (AGA) has reported that the US commercial gaming industry concluded 2022 with revenue reaching a new annual record of $60.4bn. According to data compiled for the AGA’s Commercial Gaming Revenue Tracker, this is the first time the commercial gaming industry has surpassed $60bn in GGR.
  • Sports Handle: Monthly Stock Watch: Strong Start To ’23 As Books Guide To Profitability In Second Half
    • From a business perspective, it is no secret that 2023 will be a critical year for the nation’s top sportsbook operators. After years in the red, leading sports betting companies are feeling the heat from investors. Encumbered by costly promotional wars, sportsbooks smartened up last year by taking a more disciplined approach to marketing — and the cost-cutting measures are finally paying dividends.
  • iGaming Business: Gaming Innovation Group Launches Strategic Review With Aim To Split Business
    • Gaming Innovation Group (GiG) has initiated a strategic review with the intention to distribute one of its subsidiaries, Innovation Labs Ltd, to shareholders. The distribution of Innovation Labs Ltd would effectively split GiG into two independent publicly listed companies. The first would consist of media services, including GiG’s affiliate lead generation services.

Colorado

  • The Nevada Independent: Monarch Agrees To Pay Large Fine For Proxy Wagering In Colorado
    • Reno-based Monarch Casinos & Resorts agreed to pay a $400,000 fine to Colorado gaming regulators after executives from the company’s Black Hawk casino discovered and self-reported that three of its sportsbook employees were placing proxy bets on behalf of customers.

Illinois

  • PlayIllinois: NCPG Pleased With Illinois Lawmakers’ Responsible Gambling Initiatives
    • Two new responsible gambling initiatives filed by Illinois lawmakers are a step in the right direction. So said Keith Whyte, the executive director of the National Council on Problem Gambling in an interview with PlayIllinois. The first comes from the house version of the latest Illinois online casino bill filed by Representative Edgar Gonzalez Jr.

Maryland

  • PlayUSA: Minority-Owned Businesses Ask For Inclusion In Maryland Online Casino Bill
    • Maryland online casino legislation got wide support at its first hearing Wednesday, with a caveat. Many who testified at the Senate Budget and Taxation Committee requested that Maryland online casino licenses include more than casinos. If this sounds familiar, it’s exactly how sports betting legislation began in Maryland.

Massachusetts

  • PlayMA: Massachusetts Sportsbooks Took $510,948 in Wagers On Jan. 31
    • Massachusetts sports bettors spent more than $500,000 on wagers at the state’s three retail sportsbooks on Jan. 31, the first day with legal sports betting in the state. That’s according to the Massachusetts Gaming Commission, which released casino and sportsbook revenue numbers from January on Wednesday.

Ohio

  • PlayOhio: Nearly 5,000 Ohioans Utilizing Responsible Gambling Voluntary Exclusion Program
    • Ohioans are utilizing the state’s recently rebranded voluntary exclusion program in high numbers during the early days of sports betting in the state. A total of 150 people have signed up through Time Out Ohio in order to voluntarily ban themselves from the state’s casinos, racinos and sports betting, according to the Ohio Casino Control Commission.

Nevada

  • Las Vegas Review-Journal: Nevada Sportsbooks’ Super Bowl Win Reduced After Review
    • Nevada sportsbooks won less on the Super Bowl than originally thought. The Gaming Control Board released revised figures Wednesday from the game and reported that the state’s 185 sportsbooks won more than $5.4 million for a hold, or win percentage, of 3.6 percent. Wagering data from the past two Super Bowls was incorrectly reported, the board announced Wednesday.

New York

  • PlayNY: Senate Bill Aims To Legalize Online Casinos In New York
    • New York online casinos could launch in the near future if a new Senate bill is passed. The bill was filed on Wednesday evening. Bill S4856, sponsored by Senator Joe Addabbo, features a 30.5% tax rate on gaming operators. It is a far more attractive number than the current 51% tax rate on NY sports betting operators.

Pennsylvania

West Virginia

  • PlayWV: West Virginia Online Casinos Come Up Short In NCPG Report
    • West Virginia certainly didn’t shine in the internet gambling rankings in the National Council on Problem Gambling’s (NCPG) recently released 2022 report. Finding three other states below par as well, the US Online Responsible Gaming Regulations: An Evaluation Against National Council on Problem Gambling Standards report called out the Mountain State for not meeting the NCPG’s minimum responsibility standards for online gambling.
Posted in Daily Clips